Which of the Following Statements Is One of the Overriding

question 20

Multiple Choice

Which of the following statements is one of the overriding principles of internal control?

• A)Responsibility for accounting and financial duties should be assigned to one responsible officer.
• B)Responsibility for the performance of each duty must be fixed.
• C)Responsibility for the accounting duties must be borne by the audit committee of the company.
• D)All of the options listed here are correct

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Definitions:

Unrealistically Optimistic

Having an excessively positive outlook or expectations about the future or a particular outcome, beyond what is justified by the actual circumstances.

Nondepressed People

Individuals who do not exhibit clinical symptoms of depression, characterized by a more stable mood and emotional state.

Take Credit

Refers to the act of claiming responsibility for an achievement, work, or positive outcome, usually to gain recognition or advantage.

Blame

The act of holding someone responsible for a fault or wrong.